The McGregor Construction (Highlands) Limited Pension Plan has completed a £7m buy-in with Just Group, securing the benefits of 66 pensioners and eight deferred members at Pension Protection Fund (PPF+) levels.

The buy-in was completed in April 2025, following the scheme's entry into the PPF assessment process after the insolvency of its sponsor, McGregor Construction Highlands Limited, in August 2022.

Vidett acted as the scheme trustee and CMS provided legal advice for the trustee.

PwC was the lead transaction adviser, Broadstone acted as the specialist administrator and Just Group was advised by in-house legal counsel.

Just Group’s pricing and bulk quotation service, Beacon, was used to test insurer pricing and evaluate whether the scheme had sufficient funding to insure member benefits above the level offered by the PPF.

Once this was established, Just Group worked with PwC to determine the extent to which additional benefits could be secured.

Commenting on the deal, Vidett client director, Stewart Graham, said the trustee was “delighted” to have entered into the buy-in policy with Just Group.

“This transaction will eventually see members receive benefits either at or, for many members, with an increase above PPF compensation levels,” Graham continued.

“We’re pleased to share this positive news with members, who we know have had a difficult time over the last few years following the unfortunate liquidation of McGregor Construction (Highlands) Limited.

“The PPF provides a valuable safety net and a significant level of protection, but many members will now receive higher benefits than they might have expected because of the transaction with Just Group.”

He added that the trustees are “pleased” with this development and are “very grateful” to their advisers and the PPF for their help and commitment throughout the process.

Just Group business development manager, Ross Breckon, commented: “There was great collaboration between all the parties, resulting in a positive outcome for the scheme members who will now receive benefits above PPF levels.”

Adding to this, PPF relationship manager, Dan Collins, said the organisation’s priority is to ensure the best possible outcome for members of schemes that enter PPF assessment and is “pleased” that the collective efforts of advisers across its suite of panels have led to a "prompt and positive" outcome for the scheme’s members.

Collins said the PPF are “proud” to have played a part and see the impact its PPF panels make, stating: “Our sincere thanks go to the trustees and their advisers for collaborating so effectively”.

PwC risk transfer deal lead, Sam Whalley, said: “We are proud to have led the advice to the trustee on the buy-in in our role as a PPF+ risk transfer adviser and helping to secure benefits above PPF level for the scheme’s members.”

This article was originally published on our sister website, Pensions Age.

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